They didn't mention the 10,000,000 KWG shares owned by Fancamp.

From SEDAR:

MATERIAL CHANGE REPORT UNDER SECTION 7.1(1) OF NATIONAL INSTRUMENT 51-102 AND SECTION 5.2 OF MULTILATERAL INSTRUMENT 61-101

Item 1 Name and Address of Company

KWG Resources Inc. (the “Company”) 600 de Maisonneuve West Suite 2750 Montreal, QC H3A 3J2

Item 2 Date of Material Change

February 7, 2014

Item 3 News Release

The news release was disseminated through the facilities of CNW Group on February 7, 2014.

Item 4 Summary of Material Change

The Company issued 10,282,500 common shares.

Item 5 Full Description of Material Change

5.1 Full Description of Material Change

The Company issued 10,000,000 common shares for the option payment due to Fancamp Exploration Inc. (“Fancamp”) as part of its funding program under its agreement to earn from Bold Ventures Inc. (“Bold”) an 80% interest in any chromite discovered within the claims optioned by Bold from Fancamp hosting the Black Horse chromite occurrence.

In addition, the Company issued 282,500 shares at $0.05 to AGORACOM Inc. for the second payment under the shares for services contract announced November 7, 2013.

All shares issued have a hold period of four months..

5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102

This report is not being filed on a confidential basis.

Item 7 Omitted Information

No information has been omitted.

Item 8 Executive Officer

The following is the name and business telephone number of an executive officer of the Company who is knowledgeable about the material change and this report.

Luce L. Saint-Pierre

Corporate Secretary

(514) 866.6001 ext. 230

Item 9 Date of Report

February 12, 2014